Hedera Hashgraph, a decentralized public network, has officially launched its platform mainnet. The network is an open-sourced digital ledger technology (DLT) that differs from a traditional blockchain program. The platform is designed to surpass both Bitcoin and Ethereum network in the future.
The launch was initially announced back in March last year. The recent launch now allows developers to build applications on the network. The platform is still under its beta testing phase and is expected to complete in 2020.
Network transaction speed faster than BTC, ETH, and XRP
There are a few decentralized applications (dApps) that are already operating on the network. This number is expected to grow soon due to the launch of the mainnet. Developers are anticipating many more applications from new builders as the platform is now accessible to a more significant number of people.
The network services will be throttled initially with cryptocurrency transaction speed being restricted to a certain number. Moreover, smart contracts and file services will be limited to ten calls per second. These restrictions will loosen over time.
Developers claim that the network, despite throttling has achieved an incredible speed of ten thousand (10,000) transactions per second (TPS). This is a massive leap from Bitcoin (BTC), Ethereum (ETH) and XRP that have a speed of seven, fifteen and fifteen hundred TPS (7 TPS, 15 TPS, 1500 TPS) respectively.
Hedera Hashgraph: Network goals
Hedera is supported by blue-chip companies like IBM and Deutsche Telekom and hopes to revolutionize the blockchain ecosystem. The network hopes to surpass existing blockchain networks by using a different methodology in tackling scalability and security.
The network utilizes a patented codebase to prevent code splits and forks. This allows the system to facilitate micropayments that are faster and more scalable than any other cryptocurrency.
While people are questioning Hedera’s ability to surpass ETH and BTC, Hedera has started distributed its native HBAR tokens to the investors that participated in the company’s crowdfunding.